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Your EnterQuest Bulletin - Issue 220
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| Thought for the week: "Informal conversation is probably the oldest mechanism by which opinions on products and brands are developed, expressed, and spread." Johan Arndt |
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In this week's issue:
Networking leads to success for posh chocs enterprise
When Angela Ruthven retired as a head teacher, she dreaded "the thought of daytime television and fluffy slippers", and turned to chocolate instead. Two years later, her hobby of making gourmet chocolates is a successful business.
Saffire Chocolates in Norwich is the result of Angela's decision to take an online chocolatier course, graduating as top of her class. Initially, she made chocolates for her family and friends in a converted log cabin in her garden, until someone asked if they could buy a box. Another friend suggested she try selling at farmers' markets.
Angela said: "It just snowballed from there. I found a little shop. I'm not getting any younger. I thought, 'if I don't do it now, I never will.'
"The hardest thing is keeping a brake on the momentum, so it becomes a manageable thing."
A combination of "footfall and farmers' markets" made up Angela's first customers but she is increasingly making specialist chocolates for weddings, civil partnerships, corporate gifts, hotels and restaurants.
Angela credits word of mouth and networking as the major driver of Saffire Chocolates' success. She attended business events and handed out her cards, then joined a local networking organisation. She believes around 20% of her business comes from networking.
She said: "It's the best thing I could've done. Groups meet once a week for breakfast meetings. You promote each others' businesses. There are 30-odd people out there promoting me.
"I'm surprised how many people came in and said 'I've heard about you'."
Angela financed the start up with her retirement lump sum. Currently, she doesn't draw a salary from the business but expects to make an income from it within 12 months.
She admits: "I've ploughed a lot of money into the business." But, she cautions: "You need to know the difference between want and need."
Angela's top tip for success is network, network, network and she maintains that expensive advertising isn't necessary.
"People buy from people. They're buying from you, not your product."
Sources of business support for ethnic minority businesses
A recent report has revealed that people from ethnic minorities can face a variety of problems when starting up, including excessive loan charges and being refused finance. As a result, they're more likely to turn to family members and friends for support.
Business start up rates among ethnic minorities are usually higher than the general population and people from ethnic minorities contribute around £20 billion a year to the UK economy. There are a growing number of support services specifically targeting ethnic minority businesses (EMBs) and these are useful sources of advice for starting and growing a business.
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The Asian Business Federation (ABF) acts as a gateway for EMBs to access mainstream business support and training. It lobbies on behalf of Asian businesses and operates a number of initiatives, including the Food Smart Programme, a support programme for businesses in the food sector, as well as other retail businesses.
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Black Enterprise helps EMBs to develop and grow through support, encouragement, education, training and finance. It publishes Black Britain News, the only regular publication for the African-Caribbean business community and hosts the annual Black Enterprise Awards. It also aims to provide role models for other EMBs.
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The Business Federation Partnership acts as a networking organisation for EMBs and advises the finance sector, national and local Government on their needs. Its training arm, the South London Ethnic Minority Business Association (SLEMBA), delivers training to EMBs and signposts other sources of support.
For more information see our useful factsheet on business support for ethnic minority businesses.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
- Soft furnishings makers - this business idea remains ever-popular as demand for hand-finished cushions, throws and bedspreads continues to grow. Soft furnishings makers increasingly work with luxurious fabrics like silk and suede to produce sought-after, contemporary items for consumers.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'heterodox'?
a) Conforming to the norm
b) Holding unorthodox opinions or doctrines
c) Behaving like everyone else
d) Willing to grasp opportunities
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) The Federation of Small Businesses (FSB) has recently put aside a half-million pound fund to help members recover from the affects of what?
a) The smoking ban in England
b) Anti-ageism legislation
c) The WEEE regulations
d) The recent floods
2) Spending on plastic cards has increased by what proportion in the last decade, according to new figures from the Association of Payment Clearing Services (APACS)?
a) It has increased by a quarter
b) It has doubled
c) It has trebled
d) It has increased tenfold
3) An online advert has been put together to promote small local shops and encourage customers to shop locally. The advert plays on the Tesco advertising slogan 'every little helps' and was voiced by which comedian?
a) Alexei Sayle
b) David Walliams
c) Ricky Gervais
d) Eddie Izzard
Answers at the end of the Bulletin.
Free search engine submission
FreeWebSubmission.com allows small business owners to submit their website details to the most popular free Internet search engines. It also has a meta tag generator so users can create their own meta tags - the pieces of information provided to search engines about your website.
Report on flexible working
This report from the British Chamber of Commerce outlines the recent legislative changes that give employees the right to request flexible working. It also provides an insight into the positive effects that businesses can experience by offering their staff the opportunity to work more flexibly. These include increased productivity, reduced stress and better recruitment and retention.
Plain English guide for hopeful Olympic suppliers
The Olympic Delivery Authority (ODA) has put together a plain English guide to help businesses bid for some of the 50,000 supplier opportunities available putting together the venues and infrastructure for the 2012 London Olympics. It aims to help firms take part in the procurement process, which involves qualifying then bidding for contracts.
Tax calendar tools
This free guide to each year's important dates in the tax calendar has been put together by Taxationweb. The simple to use, interactive webpage is divided into three sections - Self Assessment Tax Dates, Employer & Company Tax Dates and Partners & Partnerships Tax Dates - and includes the relevant need-to-know tax dates for each category.
Just one word answer
The answer is b).
'Heterodox' means holding unorthodox opinions or doctrines.
The fashion designer admitted the collapse of her business was partially due to her heterodox views about the use of fabric. |
How's your business radar? The answers
1) The answer is d) - The FSB is offering interest-free loans of up to £5,000 to help recent flood-affected members get their enterprises back on to their feet.
2) The answer is c) - The Way We Pay 2007 report said spending on plastic had trebled in the last ten years to £321 billion in 2006.
3) The answer is a) - Alexei Sayle provides the voiceover for the advert, which is trying to persuade consumers to use their local shops. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
